Home Depot Earnings Boost US Stocks Despite Long-Bond Selling Pressure

Home Depot's earnings report gave US stocks a boost despite long-bond selling capping the market. The company reported adjusted earnings of $4.92 per share, exceeding the estimated $4.73. Revenue reached $47.86 billion, surpassing expectations of $47.27 billion.

The reaffirmed full-year guidance from Home Depot provided some relief after last week's retail sales miss. While not a comprehensive read on consumer spending, it suggests that homeowners and larger household projects are not deteriorating as quickly as suggested by the headline retail number.

Home Depot is seen gapping higher at the opening, with traders targeting the $343.00 level. A break above this could lead to a test of the 200-day moving average at $346.86, which has historically produced tops in the past.